Posts Categorized: Fraud Accounting

Jury Still Deliberating

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, a federal jury in California is struggling to reach a unanimous verdict on three of 11 charges against Elizabeth Holmes, former CEO of Theranos. Questions: What is the maximum sentence for each federal fraud count? How many counts of fraud is Ms. Holmes facing? What is the makeup of… Read more »

Another Ponzi Scheme

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

A recent Department of Justice (DoJ) press release indicates that John Piccarreto, Jr., 38, of Rochester, NY, was convicted of conspiracy to commit mail fraud and filing a false tax return in connection with a Ponzi scheme. Questions: What was Mr. Piccarreto’s sentence and the amount of restitution required? How many investors were defrauded? What… Read more »

The Giving Season is Always Open Season for Fraudsters

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Uncategorized.

According to New Jersey Advance Media, a Burlington County, N.J. man, Mark D’Amico, 42, and his then-girlfriend admitted setting up a GoFundMe page, based on a lie about a helpful homeless man, and ultimately bilked online givers out of $400,000. Questions: What did D’Amico and his girlfriend use the money for? The page said that… Read more »

Integrity in the Supply Chain

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

Jordan Strauss, managing director in the Forensic Investigations & Intelligence Practice of Kroll, LLC, details the major risks of corruption existing in supply chains today, and offers tips on addressing them. Questions: Normally, where are the greatest risks in supply chains? How have risks changed in the supply chain during the COVID-pandemic? What percentage of… Read more »

Have stolen money? London may be the place to put it!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, IFRS, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Nicholas Shaxson, the City of London is hiding the stolen money of the world. Questions: What is the name of the new data leak exposing financial dealings by more than 330 politicians and public officials from over 90 countries and territories? In your own words explain why the offshore financial ecosystem is so… Read more »

Hiding in Plain Site

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, the IRS failed to spot $20.6M in bogus nonresident tax refunds in 2018. Questions: How many returns did this account for? In a short paragraph, explain how this happened. In a report by the Treasury Inspector General for Tax Administration (TIGTA), what recommendations were made for the improvement of IRS identification… Read more »

Big Move by a credit reporting giant

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

Credit rating giant TransUnion is buying Neustar, an identity resolution company for $3.1 Billion in cash. Questions: When is the deal expected to close? How much is Neustar expected to generate in 2021? What is the strategic benefit of Neustar for TransUnion? Who owned Neustar going back to the 1990s and today? What part of… Read more »

The Continuing Saga

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According to the Washington Post, Coinbase CEO Brian Armstrong said the SEC told the company that the upcoming product it is planning to offer is a type of security that should be registered with the government. Questions: What is Coinbase’s proposed product? Why does the SEC care? How does Neel Kashkari, president of the Minneapolis… Read more »

Piece-Rate Work or Overtime Violations

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the Miami Herald, a Florida air-conditioning company has been taken to court for the seventh time since 1995 for failing to pay its employees what they are owed. Questions: What is the name of the company and where are they headquartered? What Act have they violated? What agency brings forth the violation suit?… Read more »

Alarm about Crypto Move into Banking

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, with more companies offering cryptocurrency loans and high-yield deposit accounts Washington is worried about how this might disrupt the banking industry with a lack of regulations. Questions: Which company was mentioned in the article as aspiring to be the J.P. Morgan Chase of cryptocurrency? What crypto platform temporarily lost… Read more »